CBRE Refinances Queen Anne Manor
CBRE National Senior Housing refinanced Queen Anne Manor, a 93-unit assisted living/memory care community in Seattle, Washington, on behalf of Capitol Seniors Housing. Aron Will, Adam Mincberg and Michael Cregan arranged the financing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982 and was extensively renovated in 2015. Set in the high barrier-to-entry Queen Anne Hill neighborhood, the community offers expansive views of Seattle’s downtown skyline, the Olympic and Cascade Mountains, and the Puget Sound. At the time of its 2016 sale, occupancy was 96% and the community operated at a strong 40% margin. Milestone... Read More »
Greystone Arranges HUD Refinance for Supportive Living Facility
Greystone provided a $13.7 million HUD loan to refinance a 122-bed supportive living facility in Crestwood, Illinois. Eric Rosenstock, Managing Director at Greystone, originated the loan on behalf of the borrower. The loan carries a 35-year term and a low, fixed interest rate. Built in 2003, The Pointe at Kilpatrick is located in a suburb south of Chicago. The facility sits on 3.12 acres and is licensed for 83 units and 122 total beds. Amenities include a community room, living room with fireplace and aviary, library, therapy room, barber/beauty shop, jacuzzi spa, outdoor gazebo, landscaped courtyard and children’s play area, private dining room, resident laundry rooms, and lounge... Read More »
CFG Finances 7-SNF Deal for Venza Care
Capital Funding Group closed an $84.7 million bridge-to-HUD loan, collaborating with a strategic partner to arrange the deal. The financing supported the acquisition of seven skilled nursing facilities and one assisted living community with a total of 797 beds in Alabama. Venza Care was the borrower. Capital Funding Group Managing Director, Long-Term Care, Craig Casagrande and Vice President, Andrew Jones originated the transaction. The deal follows CFG’s recent closing of $10.9 million in HUD financing to refinance an existing bridge loan for a 99-bed skilled nursing facility in California. Read More »
Berkadia and Live Oak Bank Close Four Bridge Loans
Berkadia Seniors Housing & Healthcare partnered with Live Oak Bank to close four bridge-to-HUD loans totaling $86 million in the first quarter of 2023. The partnership, which started in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions to date, the majority of which have been structured as A/B notes with Berkadia funding the B-note. The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. They facilitated purchases and refinances of four assisted living/memory care communities, two skilled nursing facilities, and one independent living community, all scattered throughout the country. Managing Director Jay Healy... Read More »
Walker & Dunlop Wraps Up Q1 with Six Transactions
With the first quarter wrapped up, Walker & Dunlop announced six closings totaling 13 assets located across the country. The largest deal was handled by Gideon Orion on behalf of a publicly traded REIT client. The five-facility skilled nursing portfolio is located in the Mid-Atlantic region and consisted of nearly 770 beds. A national owner/operator bought the properties for over $200,000 per bed at a cap rate of approximately 7% on in-place EBITDAR. Another portfolio sold, this time including three Class-A memory care communities in the Phoenix, Arizona MSA. Totaling 196 units and 258 beds, the properties were built from 2012 to 2016. A regional owner/operator bought them for an... Read More »Schedule a demo
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